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>all this Mega-Gyarados hate
I was with you guys too, until I actually used it on PS! Pokebank OU.
Holy fuck is he good. You can utilize Intimidate before you go mega, and the typing change completely takes advantage of your opponent because you can set up as a Water/Flying type OR a Water/Dark type. Ground type? Ehh, just Dragon Dance and go into mega form when you're ready to sweep, the combination of Intimidate and your typing makes it hard for him to hit you hard. Tyranitar? Go into mega forme so both his STABs lose effectivity, and he will lose a turn Stone Edging you with the power loss that comes from Intimidate and the extra defenses will make it not hurt much at all.
As a plus, the extra stats of course make him bulkier, stronger, and faster than he was before. Mold Breaker means that Rotom-W no longer walls him to death (Earthquake), he OHKOs full health Dragonite because it ignores Multiscale, and Sturdy no longer activates on Donphan and Shuckle (who is now seeing SOME usage due to Sticky Web access).
>hurr durr he gets more weaknesses
As long as you're not a dumbass before you use it and instantly go into mega form, then this thing will be a rape train. Only go mega when you're attempting a sweep, and as stated before, the typing change WILL in that it gives you two different typings to choose from to set up.
It's not like his flying STAB was ever good, anyways.
Seriously, don't knock him until you try him.